Goodfood Achieves Significant Gross Margin Expansion In First Half Of 2023

Dec 2 (Reuters) - Goodfood Market Corp:

* GOODFOOD ACHIEVES SIGNIFICANT GROSS MARGIN EXPANSION, IMPROVES ADJUSTED EBITDA(1) BY 89% YEAR-OVER-YEAR AND REAFFIRMS EXPECTATION OF POSITIVE ADJUSTED EBITDA(1) IN FIRST HALF OF FY2023

* GOODFOOD MARKET CORP Q2 SALES FELL 37 PERCENT TO C$50.0 MILLION

* GOODFOOD MARKET CORP - QTRLY LOSS PER SHARE $0.78

* GOODFOOD MARKET CORP - UNDER PROJECT BLUE OCEAN ALIGNMENT OF WORKFORCE WITH SCALE LEADING TO SIGNIFICANT HEADCOUNT REDUCTIONS

* GOODFOOD MARKET CORP SEES Q1 2023 NET SALES OF ABOUT $46-48 MILLION

* GOODFOOD MARKET CORP - RECONFIRMING EXPECTED PATH TO RETURN TO POSITIVE QUARTERLY ADJUSTED EBITDA IN FIRST HALF OF 2023

* GOODFOOD MARKET - UNDER PROJECT BLUE OCEAN, FOOTPRINT RATIONALIZATION LEAD TO CONSOLIDATION OF PRODUCTION IN 2 FACILITIES IN MONTREAL AND CALGARY

* GOODFOOD MARKET- DURING HOLIDAY SEASON, SUMMER SEASON, CO ANTICIPATES NET SALES TO BE LOWER AS HIGHER PROPORTION OF CUSTOMERS ELECT TO SKIP DELIVERY

* GOODFOOD MARKET CORP - ANTICIPATES FOOD COSTS TO BE POSITIVELY AFFECTED DUE TO IMPROVED AVAILABILITY DURING PERIODS WITH WARMER WEATHER Source text for Eikon: Further company coverage: